California Statutes
§ 14766. — 14766. (Amended by Stats. 2024, Ch. 305, Sec. 6.)
California·Code FIN Financial Code - FIN·Div. 5. DIVISION 5. CREDIT UNIONS·Ch. 4. CHAPTER 4. Management and Operations·Art. 8. ARTICLE 8. Penalties
(a)An officer, as described in Section 14500, a director, or an employee of a credit union shall not purchase, directly or indirectly, or be interested in the purchase of, any of the credit union’s obligations for an amount less than the book value thereof, unless all the directors of the credit union previously approve the purchase by resolution and a copy of the resolution is delivered to the commissioner immediately after adoption. Every person who violates this section shall be liable to the people of this state for each offense in an amount of up to twice the book value of the obligations purchased.
(b)The method used for determining book value shall be set forth in a written policy governing the sale of credit union
obligations established and approved by the board of directo
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California § 14766. (14766. (Amended by Stats. 2024, Ch. 305, Sec. 6.)) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.
Legislative History
Amended by Stats. 2024, Ch. 305, Sec. 6. (AB 2062) Effective January 1, 2025.